XML 43 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2

Investments Securities (Tables)

6 Months Ended

Jun. 30, 2016

Investments [Abstract]

Investment Table Text Block

The amortized cost, gross unrealized gains and losses, fair value, and weighted average yield of the securities owned by the Company at June 30, 2016 and December 31, 2015 were as follows:

	June 30, 2016
				Gross			Gross						Weighted
	Amortized			Unrealized			Unrealized			Fair			Average
	Cost			Gains			Losses			Value			Yield
	(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	402,557		$	14,414		$	-		$	416,971		2.61%
GNMA certificates		109,214			5,064			-			114,278		3.06%
CMOs issued by US government-sponsored agencies		120,238			416			179			120,475		1.87%
Total mortgage-backed securities		632,009			19,894			179			651,724		2.55%
Investment securities
Obligations of US government-sponsored agencies		4,468			34			-			4,502		1.37%
Obligations of Puerto Rico government and public instrumentalities		6,720			-			872			5,848		5.55%
Other debt securities		2,101			127			-			2,228		2.94%
Total investment securities		13,289			161			872			12,578		3.73%
Total securities available for sale	$	645,298		$	20,055		$	1,051		$	664,302		2.57%
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates	$	610,384			8,121			-			618,505		2.20%
Investment securities
US Treasury securities		25,015			10			-			25,025		0.49%
Total securities held to maturity		635,399			8,131			-			643,530		2.13%
Total	$	1,280,697		$	28,186		$	1,051		$	1,307,832		2.36%

	December 31, 2015
				Gross			Gross						Weighted
	Amortized			Unrealized			Unrealized			Fair			Average
	Cost			Gains			Losses			Value			Yield
	(In thousands)
Available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	735,363		$	25,791		$	1,509		$	759,645		2.97%
GNMA certificates		57,129			1,366			-			58,495		3.19%
CMOs issued by US government-sponsored agencies		137,787			27			2,741			135,073		1.85%
Total mortgage-backed securities		930,279			27,184			4,250			953,213		2.82%
Investment securities
Obligations of US government-sponsored agencies		5,122			-			29			5,093		1.36%
Obligations of Puerto Rico government and public instrumentalities		17,801			-			4,070			13,731		6.24%
Other debt securities		2,444			128			-			2,572		2.98%
Total investment securities		25,367			128			4,099			21,396		4.94%
Total securities available-for-sale	$	955,646		$	27,312		$	8,349		$	974,609		2.87%
Held-to-maturity
Mortgage-backed securities
FNMA and FHLMC certificates		595,157			426			5,865			589,718		2.24%
Investment securities
US Treasury securities		25,032			-			71			24,961		0.49%
Total securities held to maturity		620,189			426			5,936			614,679		2.17%
Total	$	1,575,835		$	27,738		$	14,285		$	1,589,288		2.60%

The amortized cost and fair value of the Company’s investment securities at June 30, 2016, by contractual maturity, are shown in the next table.

	June 30, 2016
	Available-for-sale						Held-to-maturity
	Amortized Cost			Fair Value			Amortized Cost			Fair Value
	(In thousands)						(In thousands)
Mortgage-backed securities
Due from 5 to 10 years
FNMA and FHLMC certificates	$	12,650		$	12,996		$	-		$	-
Total due from 5 to 10 years		12,650			12,996			-			-
Due after 10 years
FNMA and FHLMC certificates		389,907			403,975			610,384			618,505
GNMA certificates		109,214			114,278			-			-
CMOs issued by US government-sponsored agencies		120,238			120,475			-			-
Total due after 10 years		619,359			638,728			610,384			618,505
Total mortgage-backed securities		632,009			651,724			610,384			618,505
Investment securities
Due from 1 to 5 years
US Treasury securities		-			-			25,015			25,025
Obligations of Puerto Rico government and public instrumentalities		6,720			5,848			-			-
Total due from 1 to 5 years		6,720			5,848			25,015			25,025
Due from 5 to 10 years
Obligations of US government and sponsored agencies		4,468			4,502			-			-
Other debt securities		2,101			2,228			-			-
Total due from 5 to 10 years		6,569			6,730			-			-
Total investment securities		13,289			12,578			25,015			25,025
Total securities available-for-sale and held-to-maturity	$	645,298		$	664,302		$	635,399		$	643,530

Realized Gain Loss On Investments Table Text Block

	Six-Month Period Ended June 30, 2016
				Book Value
Description	Sale Price			at Sale			Gross Gains			Gross Losses
	(In thousands)
Sale of securities available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	293,505		$	277,181		$	16,324		$	-
Investment securities
Obligations of Puerto Rico government and public instrumentalities		6,978			11,095			-			4,117
Total	$	300,483		$	288,276		$	16,324		$	4,117

	Six-Month Period Ended June 30, 2015
				Book Value
Description	Sale Price			at Sale			Gross Gains			Gross Losses
	(In thousands)
Sale of securities available-for-sale
Mortgage-backed securities
FNMA and FHLMC certificates	$	40,307		$	37,735		$	2,571		$	-
GNMA certificates		63,524			63,523			1			-
Total	$	103,831		$	101,258		$	2,572		$	-

Unrealized Gain Loss On Investments Table Text Block

The following tables show the Company’s gross unrealized losses and fair value of investment securities available-for-sale and held-to-maturity, aggregated by investment category and the length of time that individual securities have been in a continuous unrealized loss position at

	June 30, 2016
	12 months or more
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies	$	54,449		$	179		$	54,270
Obligations of Puerto Rico government and public instrumentalities		6,720			872			5,848
	$	61,169		$	1,051		$	60,118

	December 31, 2015
	12 months or more
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
Obligations of Puerto Rico Government and public instrumentalities	$	17,801		$	4,070		$	13,731
CMOs issued by US government-sponsored agencies		103,340			2,410			100,930
	$	121,141		$	6,480		$	114,661
	Less than 12 months
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies		25,736			331			25,405
FNMA and FHLMC certificates		149,480			1,509			147,971
Obligations of US government and sponsored agencies		5,122			29			5,093
Securities held to maturity
FNMA and FHLMC certificates		468,487			5,865			462,622
US Treausury Securities		25,032			71			24,961
	$	673,857		$	7,805		$	666,052
	Total
	Amortized			Unrealized			Fair
	Cost			Loss			Value
	(In thousands)
Securities available-for-sale
CMOs issued by US government-sponsored agencies		129,076			2,741			126,335
FNMA and FHLMC certificates		149,480			1,509			147,971
Obligations of Puerto Rico Government and public instrumentalities		17,801			4,070			13,731
Obligations of US government and sponsored agencies		5,122			29			5,093
	$	301,479		$	8,349		$	293,130
Securities held to maturity
FNMA and FHLMC certificates		468,487			5,865			462,622
US Treasury Securities		25,032			71			24,961
	$	794,998		$	14,285		$	780,713

Other Than Temporary Impairment Credit Losses Recognized In Earnings

		Six-Month Period Ended June 30,
		2016			2015
Balance at beginning of period		$	1,490		$	-
Reductions for securities sold during the period (realized)			(1,490)			-
Balance at end of period		$	-		$	-

X

- Definition

A table of investments, shown as a text block.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 6
-Section 10
-Paragraph (c)
-Subparagraph (1)

+ Details

Name:	invest_InvestmentTableTextBlock
Namespace Prefix:	invest_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amount of other than temporary impairment (OTTI) related to credit losses recognized in earnings including: (a) the beginning balance of the amount related to credit losses on debt securities held by the investor at the beginning of the period for which a portion of an OTTI was recognized in other comprehensive income; (b) additions for the amount related to the credit loss for which an OTTI was not previously recognized; (c) reductions for securities sold during the period (realized); (d) reductions for securities for which the amount previously recognized in other comprehensive income was recognized in earnings because the investor intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis; (e) additional increases to the amount related to the credit loss for which an OTTI was previously recognized when the investor does not intend to sell the security and it is not more likely than not that the investor will be required to sell the security before recovery of its amortized cost basis; (f) reductions for increases in cash flows expected to be collected that are recognized over the remaining life of the security; and (g) the ending balance of the amount related to credit losses on debt securities held by the entity at the end of the period for which a portion of an OTTI was recognized in other comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=27724398&loc=d3e27340-111563

+ Details

Name:	us-gaap_OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of realized gains and losses on investments reported in the statement of income.

+ References

No definition available.

+ Details

Name:	us-gaap_RealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

No definition available.

+ Details

Name:	us-gaap_UnrealizedGainLossOnInvestmentsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration